National Bureau of Statistics interpretation: Core CPI increased year-on-year for the sixth consecutive month in October, and PPI rose for the first time this year.

On November 9th, Dong Lijuan, the chief statistician of the Urban Department of the National Bureau of Statistics, interpreted the CPI and PPI data for October 2025. In October, the policies to expand domestic demand continued to show results, and with the boost from the National Day and Mid-Autumn Festival holidays, the Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, excluding food and energy prices, the core CPI rose by 1.2% year-on-year, marking the sixth consecutive month of increase. Due to improvements in the supply and demand relationship in some domestic industries, as well as the transmission of international commodities prices, the Producer Price Index (PPI) rose by 0.1% compared to the previous month, marking the first increase of the year; however, it still decreased by 2.1% year-on-year, with the decrease narrowing for the third consecutive month. The full text is as follows: CPI turnaround and PPI reduction narrowed in October 2025 Dong Lijuan, Chief Statistician of the Urban Department of the National Bureau of Statistics, interprets the CPI and PPI data for October 2025 In October, the policies to expand domestic demand continued to show results, coupled with the boost from the National Day and Mid-Autumn Festival holidays, the Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, while the core CPI, which excludes food and energy prices, rose by 1.2% year-on-year, marking the sixth consecutive month of increase. Influenced by factors such as improvements in the supply and demand relationship in some domestic industries and the transmission of international commodity prices, the Producer Price Index (PPI) rose by 0.1% compared to the previous month, marking the first increase of the year; however, it still decreased by 2.1% year-on-year, with the decrease narrowing for the third consecutive month. I. The increase in the CPI month-on-month and the turnaround in year-on-year The CPI rose by 0.2% month-on-month, an increase of 0.1 percentage points over the previous month and slightly higher than the seasonal level. Service prices reversed from a decrease to an increase. Service prices increased by 0.2% compared to the previous month, which is 0.2 percentage points higher than the seasonal level, affecting the CPI increase by approximately 0.07 percentage points. During the holiday period, travel demand was strong, resulting in price increases of 8.6% for hotel accommodation, 4.5% for airline tickets, and 2.5% for travel, all higher than the seasonal level; medical service prices increased by 0.5%. The increase in food prices was higher than the seasonal level, with food prices rising by 0.3%, compared to a decrease of 0.1 percentage points at the seasonal level. Among them, the demand for consumption during the holiday period led to increases in prices for fresh vegetables, lamb, fresh fruits, shrimp and crab, and beef in the range of 0.5% to 4.3%. Prices of industrial consumer goods remained stable. Energy prices fell by 0.4%, while industrial consumer...